Anderson Co. issued a $42,646, 60-day, discounted note to National Bank. The discount rate is 11%. At maturity, assuming a 360-day year, the borrower will pay

30. On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on September 15, 20x1, with a bank at 16% on a with recourse basis. The bank used 365 days a year in computing the discounts. If the discounting is treated as a secured borrowing, interest expense would be The correct answer is: 5,270 REQUIRED: Provide a step-by-step solution.

Outer Armour (OA) is a company that sells high quality outerwear. OA has accepted two notes receivables from customers and has a December 31, 2020 year-end. Note Receivable A On September 1, 2020, OA accepted a $580,000, 6 months note receivable with an interest rate of 6%. Interest and the principal balance are due at maturity. Note Receivable B On October 31, 2020, OA accepted a $340,000 note receivable with an interest rate of 4.5%. Interest is paid the first day of each following month and the principal is due at maturity on June 30, 2021. Required: 1. Not available in connect. 2. How many months need to be accrued for Notes Receivable A and B as of December 31, 2020? 3. Prepare the adjusting journal entries to accrue the interest for Note Receivable A and Note Receivable Bas at December 31, 2020. (Round your final answers to the nearest whole dollars.)

Nelson Co. issued a $80,000, 90-day, discounted note to Community Bank. The discount rate is 5%. At maturity, assuming a 360-day year, the borrower will pay how much?